Ethereum will experience a “monumental, defining global breakout” when smart contracts can accept outside data, according to Ian McLeod of Thomas Crown Art.
Ethereum’s price jumped 4% on Monday, adding some 8% over the last week, to trade at highs of $210. McLeod comments: “Ethereum is back in bull territory and is on track to enjoy considerable gains before year-end. I maintain that we can expect Ethereum to hit $500 by the end of 2018 and go on an overall upward trajectory throughout 2019.”
But what will be the driver? Oracles, perhaps?
“Oracles link Ethereum-run smart contracts to the real world and will be responsible for the digital currency to enter an entirely new phase of mass adoption,” he says. “They are a massive step forward in the practical utilisation of smart contracts. They allow smart contracts to accept outside data to decide upon an action – and this has a myriad of highly-demanded, real-world use-cases in almost every sector.”
For instance, they can help insurance companies with pay-outs on flight delays, sports betting firms with result information coming from various trusted sources, and can help in the art world by conclusively proving the provenance of artwork quickly and easily.
McLeod adds: “Using a blockchain to authenticate artwork is an ideal use-case for smart contracts. They provide the ability to store a permanent, immutable record of artwork at the point of creation which can be used to authenticate registered works. Oracles will further enhance this concept and lighten smart contracts’ work processes.”
“When Ethereum-based smart contracts are fed a robust and reliable information through oracles to make precise and correct judgements, Ethereum’s price will explode.”